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Good for Ocean Spray

Discussion in 'Off-topic Zone' started by BrAinPaiNt, Jun 9, 2004.

  1. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    Cranberry growers reject Pepsico-Ocean Spray deal

    June 8, 2004

    LAKEVILLE, Mass. -- The cranberry and grapefruit growers who own Ocean Spray Inc. have narrowly rejected PepsiCo's offer to buy a stake in the agricultural cooperative.
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    About 900 farmer-owners in Massachusetts, Wisconsin, New Jersey, Florida, Oregon, Washington and Canada voted 52 percent to 48 percent to turn down Pepsi's bid to acquire half its branded business, Ocean Spray announced Tuesday.

    Ocean Spray officials said in a statement that the vote means the board of directors "will cease all talks with PepsiCo and other potential equity investors, focusing all efforts instead on working with management to build the Ocean Spray business for the future."

    The board had spent more than a year exploring a range of partnerships that would help Ocean Spray's juice products reach a wider audience. The company had net sales of about $1 billion in 2003, but the cooperative is tiny compared to its primary competitors, Tropicana and Minute Maid, which are owned by PepsiCo and Coca-Cola, respectively.

    The cranberry industry is emerging from a prolonged slump caused by a glut of crop and decreasing demand. Prices dropped from a high of about $80 per barrel to $13 a barrel in 1999, well below the estimated production cost of about $35 per barrel. Cranberries have been selling at about $35 per barrel this spring.

    Ocean Spray will continue to explore opportunities to work with other companies, the statement said.
    © Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

    http://www.boston.com/news/local/ma...erry_growers_reject_pepsico_ocean_spray_deal/

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    I love the cran grape and I think Ocean Spray is better off staying on it's own instead of letting another company run the business and taking a chance of ruining the quality of it's product.
  2. Reef Engineer

    Reef Engineer New Member

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    Cool - cranberry and vodkas for everyone then! :D
  3. Jon88

    Jon88 Benched

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    Do you have something against PepsiCo?
  4. Reef Engineer

    Reef Engineer New Member

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    Well, I do prefer vanilla coke
  5. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    Pepsi gives me the runs :eek:

    I just think it is a good story of a smaller company not being bought up by one of the big Two (coke and pepsi).

    I really do not have nothing against Pepsi...even if it does tend to make me pooooo :eek:
  6. baj1dallas

    baj1dallas New Member

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    Yea it's called monopolies are bad for consumers. You know, capitalism and all.

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